Bitcoin Surges Above $7,000 to a Three-Week High

News and Analysis

Cryptocurrencies continued to push into bullish territory on Tuesday, August 28, as Bitcoin rose to a three-week high.

According to data provided by CoinMarketCap, the first currency has surged 5.10% to $7,083, as of 2:30 PM UTC.

Altcoins are on the rise as well, with the overall market capitalization standing at $230.4 billion at the time of writing, compared to $217 billion on Monday.

Ethereum, the second-biggest currency by market cap, rose 4.98% to $291.17, while XRP increased 6.61% to $0.349171 and Litecoin was at $61.96 up 7.80%.

Other biggest gainers include Dash, whose price soared over 25% boosted by the news of wider adoption in Latin America and partnership with Kripto Mobile, IOTA (up 16.38%), NEO (15.74%), and Tron (14.31%).

Cryptocurrencies were bolstered on Friday after the U.S. Securities and Exchange Commission (SEC) said it would review a decision to reject the applications of Bitcoin exchange traded funds. Prior to that, the SEC rejected nine applications from three companies to list their Bitcoin ETF funds, citing concerns about fraud and manipulation of Bitcoin markets.

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